The spot rate is currently testing the upper limit of its medium-term bearish channel in 1.3390 suggesting a decline. However a break of these levels would free up significant potential and initiate a new trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.3390 with a 1st objective of 1.3470, then 1.3490. A break in 1.3370 would invalidate this scenario.